Last year, Renault produced less than 500,000 vehicles due to a chip shortage. In September, consulting firm AlixPartners guess The chip shortage will cost the auto industry $210 billion in revenue.
“The current situation is still quite complicated,” de Meo told CNBC’s Street Signs Europe on Friday.
De Meo said that Renault expects the chip crisis to become less severe this year, adding that the “normal situation” will continue into the second half of 2022.
His comments came as Renault reported a net profit of 888 million euros ($1 billion) for 2021 on Friday, beating estimates. The automaker claims its operating margin of 3.6% puts it two years ahead of its own “revival revolution” plan. “Renault is back on track,” de Meo said.